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a gun laws is getting more pronounced. >> thanks very much from washington. will the german economy continued to slow? more on that later in this program. >> first, here's a look at some other stories making news. >> russian court has denied a request for leniency from a member of the punk band pussy riot. one member has sought a deferral of her presence sentence until her 5-year-old son turns 14. she was convicted of hooliganism after a protest during services in moscow church. >> the taliban have claimed responsibility for a suicide attack targeting the afghan intelligence agency. officials said two guards were killed when the bomber who blew up his car in front of the country's headquarters -- the interior ministry says security forces shot dead four other attackers. >> in iraq, more than 30 people have been killed in a series of attacks that appear to have targeted kurds. two car bombs exploded. one of them blew up outside a kurdish political party office. a third in a nearby town. >> the two biggest airlines have found their entire fleets of boeing 7873liner -- 787 dreamliners.
irreparable damage to the u.s. economy. >>> and jump t to the top of the ftse 100 after third quarter revenue beat the forecast, burberry had earnings higher than expected. >>> all right. sorted out my mike issues. "worldwide exchange" is slightly different today because we're analyzing the first german gdp numbers. >> and i come to the u.s. where it's all annualized and we stick to the european data and it's quarter on quarter. given the context, we're still working through what all that means. >> exports in november, down 94.1 billion is where we essentially went. 98.4 billion was the october numbers. so exports in november driving down. and that gdp number is worth pulling out. exports for the year, up 4.1%. as far as production is concerned, it was up 2% in november. but the forecast were for it to rise up 1%. it was a very weak october, as well. it was this production and that production number. when that came out, it essentially made people put a pretty fourth quarter in the whole, kelly. what we're trying to do is derive what the annual figure was. >> exactly. and before we get to that
the world. china's economy rebounds into the fourth quarter, beating expectations and snapping seven straight quarters of slow growth. >>> the british government says there's no indication that the hostage crisis is over in algeria as the reports emerge that doesz may have been killed in a rescue operation. >>> investors are unnerved by big spending plans in 2013. plus, glencore pushes back its mega merger by weeks as the regulatory commission begin necessary south africa. >>> welcome to the program. i want to bring you some breaking news in terms of energy prices. the iea is out with its latest 2013 oil report. it expects u.s. oil demand to remain flat on the year. but the headline here does appear that the market, according to the iea language here, is tighter than we thought. all of a sudden, the market looks tighter than we thought. that's the main message we're getting from the organization. it says the world forecast to consume about 90.8 million barrels per day in 2013, up by about a quarter of a million since december. despite seeing the u.s. slight to even negative, seen as
to revive the struggling economy. their economy has been hit by western sanctions over its nuclear program. president ahmadinejad. >> it is an election year. ahmadinejad used most of his time in parliament to defend his government post policies and to talk about how because of his government the country has advanced in just about every sector over the past eight years. but that is not what people wanted to hear. it wanted to hear about the economy and what he plans to do to fix it. in the past eight years, but prices have jumped on just about everything, but the value of the currency has dropped about 70%. the president blames international sanctions against iran's central bank and oil- based economy. he said sanctions are putting pressure on the people and that's what the enemy wants. >> they are against the constructive plans of the parliament, country, and the nation, but they make other excuses for their actions. they're just against iran pose the advancement and impairment. prezioso took shots at his critics and the wallpaper. he said part of the problem with the economy is that the w
hurting the economy, delaying hiring plans, capital investment plans and really everything from auto dealers in cleveland to farmers down in texas have cited the fiscal cliff as a major concern. that's something that's influencing their decision making right now. >> you would expect that given the fact that everybody is in lockdown mode as we wait to figure out what our tax rates are going to be, where the spending cuts are going to be, that it is going to impact the economy. my question is how much of an m impact going to see earnings? are they going to get hit? >> that's the key to the whole thing. as we said, the beige book numbers, when they came out there were cents. see earnings coming out, we will see comments and none are going to be positive. none will be excited about the future, and stock prices and multiples expand when people feel possible about the future. going to impact them? numbers might come in spot on. the whisper numbers, everyone is looking for, meaning hoping the numbers are a little bit bitter. i think as numbers come in, we'll start to see very little moveme
priorities, and both stated that the economy was "keeling" at a much slower pace than expected. -- "healing" at a much slower pace than expected. >> order. questions to the prime minister. >> may i wish you, mr speaker, the prime minister and the rest of the house a prosperous, positive and happy new year? >> this morning i had meetings with ministerial colleagues and others, and in addition to my duties in this house i shall have further such meetings later today. >> public servants are having a 1% pay rise, it is only fair for those on benefits to be given the same increase? >> my honorable friend is entirely right. these are difficult decisions that we have to make, but they should be made in the context of the fact that over the past five years, benefits have gone up by 20% yet average earnings are up by only 10%. i think it is fair and right to have a 1% cap on out-of-work benefits, a 1% cap on tax credits, and a 1% cap on public sector pay. what is inexplicable is the position of the party opposite which supports a 1% public sector pay cap but wants more for welfare claimants. that is
the economy, you know, recover as subsequently as well. i think that's what we've been seeing across the region as far as policies are concerned in that they are more responsive and more, i suppose, willing to adapt should be a quick change or shift in consumer sentiment because that will have an impact on growth very quickly in a subsequent month. >> seng wun, australia has had a difficult time determining just where their sector is heading in mining. is it simply now the onus is becoming more clear? >> well, yeah. i think the last six or eight months have given policymakers some degree of confidence in that the picture from europe is stable. the risk is fairly high, there will be more problems ahead, but the determination says policymakers in europe to stay on top of this situation, give confidence to policymaker here and the u.s. is -- and, again, asia, china, it's anchoring growth here and policy is coming up on china is also towards some degree of small, stable growth rather than full speed ahead. so that gets everyone else a little bit more flexibility with regard to fiscal pol
stronger in the second half. >> for the economy? i think we have to divorce the economy from the market. >> have we been price thatting that out? >> we have to be clear that markets are totally different from the economy. for the markets, we're looking at 2% scenario. scenario a would be similar to 2012 where i think actually the economy doesn't do that well. the first half is difficult. second half is a bit better. we've still got the fed printing 5 billion a month. we could see a rerun of 2012. maybe mid to single high digit returns. >> did you get exposure of citi to bofa here? >> we wouldn't be. we're taking a little bit of money off the table or indeed i think we did. the level of implied volatility makes perfect sense here. >> we'll leave it here for now. thanks very much. over to you, ross. >> kelly, thanks for that. so we are just about an hour and 20 minutes into the trading day here in europe. you can see advancers just about outpace decliners by a ratio of 6 to 4 and we're up near the high point of the session which has dragged us back into prospect on that particular indices
coming this week. joining us now is jeff clinetopp at lpl financial. on the economy, dick hoey. jeff, it's going to start with you because i'm interested to see we could have not just a lower than expected increase in earnings this year, but maybe even a negative year since aus thegs companies and profit margin is were peaking. is it possible the s&p earnings do not grow this year? >> there's a distinct possibility earnings don't grow. our expectation is they grow a very small amount, but a lot of that is coming from share buyback these year. this quicker alone is a testament to that. this fourth quarter, supposed to be the lowest earnings dollar total for any of the quarters of last year. that's not the way it's supposed to work. fourth quarters is supposed to be the highest earnings total. but we've got that uncertainty lingering for 2012. this week, we'll hear from a lot of the fms. they have the highest earnings expectations for 2013. mortgages are doing well. but the less favorable -- >> and we know how difficult it has been to grow revenues year over year. so that's difficult and y
are the issues? the economy is getting better. so the issues will not be about cutting, but how to put resources back into the services we lost. don't put them back into services that were ineffective. making sure that whatever we do as we move forward that it will be a better place. issues i care about, really care about. education has always been very center to the things i have been involved with. i am a former teacher also. i work in the early childhood education field for 18 years running an organization. those are parts of my dna. other things that people are not aware of, i do care about health environment in san francisco. i want to make sure that we have enough health facilities to serve all san francisco, not just one part of the city. i want to make sure that our small businesses are supported. why? i come from a family where we had a small grocery store. i understand what it means to run a small business. maybe people think about 500 people is a small business. i'm talking about businesses that drive neighborhoods, support neighborhoods, give jobs to people in those
and lied about it for years. the latest data out of china suggests the world's second biggest economy may be getting back on track. analysts have welcomed the news. some have cast doubt over the reliability of the figures. >> they call it the world factor. china has the world's second- largest economy. it is showing signs of rebound that could help it emerge from the worst economic downturn in 30 years. it is good news in the economy that has stagnated. economic stability is vital as the new leaders takeover. there are questions over whether some of the figures tell the whole truth. last month, the export figures had controversy as some experts call in numbers incredible. the figures increased by 14.1% in december. in november, it was just 2.9%. the data is important because it indicates how china is doing and how much money people will want to invest. china says the figures are reliable. >> there are a lot of debates about how accurate the chinese data are. in general, it is problematic. if you compare china to other developing countries, chinese statistics are of the best quality among
in the united states doesn't have a lot of influence on the economy, but the tax hike on the working men and women, 120 million people, that 2% payroll tax is a killer, and that is all consumption of some. people spend the mone money thet have it, they reach into savings. that was a mistake, it was bad policy. i took growth down in the u.s. by half a point. lori: and you are telling us the economy has all the potential to break out. how much o ahead when will this fiscal policy have? is there any way to recoup it? any offsetting factor? >> unless washington changes its behavior. which is not likely. then the answer is no. we have this gradual recovery. it looks all right over time, has good pieces to it, energy, housing, the banking sector actually may be getting better. lori: must be a mistake on our washington leaders, what if they can achieve a grand bargain, get entitlement reform and we can sustain this debt to gdp level for the time being we can get to underlining measures. >> it would be a glorious outcome. lori: are you optimistic at all it will happen? >> i would like it to happ
about the u.s. economy, the turning in the house prices, europe, for example, these things will make an extraordinary amount of money even if they require more capital because banks are extremely leveraged institutions. and you only need a small amount of top line growth for them to make a lot of profits. >> if you to pick u.s. banks versus the rest of the world, what do you like for 2013? >> it bizarre thing is that last year everybody was upset about the masters of the universe and were talking up their retail and sort of consumer arms because credit losses were falling. interestingly, this year i suspect bank with more exposure to independent banking will probably do a lot better much to the chagrin of politicians i suspect. why is that? the m&a pipeline's looking all right. u.s. economy's looking slightly better. and we're still pre-basal 3. >> we'll leave it there. lex on wex, can we use that? >> yeah. >> is that all right with you? >> fine by me. >> lex on wex. >> stuart, thank you very much. we will be talking later about divestment. merger and acquisition activity this year d
sensitive to the economy commodity in the world. ip took out a lot of capacity. ip is a genius. this company's had an unmitigated run. capacity's constrained, prices going up, 95% of capacity. that is like -- you can put the price increase after price increase, that says the economy is much stronger than expected. this is the first commodity to raise prices big when things get better. they're raising prices consistently. very bullish. >> that is a great, great tell. still more to come this morning. get ready for an ipo hat trick, sunco energy partners, norwegian cruise lines, all making their debuts this morning. stick around to see how they open for trading. the opening bell is just a few minutes away. what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. ♪ [ indistinct shouting ] [ male announcer ] t
. that means the lending is not going on. we're still at increasingly a low economy. if you buy back the dell, you don't go to the banks anymore. you find other sources of money. i think that the financial story and economic story is saying this is not the kind of financial environment that leads to rapid growth. >> interesting. >> okay. >> you tied it in to dell and jpmorgan and everything else. excellent. larry, thank you. >> my pleasure. >> join us tomorrow. "squawk on the street" begins right now. >>> good wednesday morning. welcome to "squawk on the street." i'm melissa lee with carl quintanilla, and jim cramer and david faber at the new york stock exchange. stocks had a pretty nice day yesterday. the s&p closed at five-year highs. we are looking to the down decide this morning. the dow looking to lose about 62 at the open. the picture in europe, a couple of downgrades for gdp forecasts from both the german government and world bank. italy is down by 1.5%. road map this morning starts off with the banks and earnings. jpmorgan higher. goldman sachs at 18-month highs. >> japan airlines gro
. they are badly designed and they are damaging the venezuelan economy. the economy is, frankly, in shambles. barclay's research puts venezuela's annual fiscal deficit at nearly 20% of gdp, one of the highest imbalances in the world. total debt has more than doubled since 2008. and that is despite the fact that venezuela has the greatest proven reserves of oil in the world. more than saudi arabia, iran or canada. when hugo chavez first came to power in 1999, oil was trading at $11 a barrel. today, it is trading at $111 a barrel. chavez has presided over the greatest windfall in his country's history. and, yet, venezuela is probably the only petro state in the world where people regularly suffer power outages. infrastructure is crumbling and public security is abysmal. venezuela has one of the worst homicide rates in the world, worse even than colombia, honduras and mexico. a recent foreign affairs essay pointed out that venezuelan exports to the u.s. from the start of chavez's rule through 2011 added up to nearly $350 billion. that's iconic for a presidency which marketed itself as anti-amer
time, their workers but that comes with a cost to the whole economy, making it less dynamic, less easy for businesses to hire more workers and at a time when we have 8% unemployment, that's not something that a lot of businesses can afford. >> now, a lot of those same union leaders say, you get what you pay for, and there are offering cut raitt salaries to workers who might appreciate the jobs, but in the end, aren't going to be very happy in those jobs. what do you think? >> i think overall people are gibbing to see that unions are out to help union worker but very often at the expense of nonunion works and that's where we're getting in trouble. the american public at large is overwhelmingly moving sort of -- public support is moving against unions, gallup found that 42% would like to see unions be less influential. they feel at if there are negotiations going on for union workers but they come at a cost for all workers, creating less opportunity for all workers and for the economy at large. what is the message. you say lab you wins every time. unions say, cheaper labor has a cos
attached to it. >> heather: let's talk about the economy. the president starts his new term. less than 1% rate it as excellent. 9% say it's good shape. that is up a touch from his first inauguration but 91% of voters say economic conditions negatively today. why are we here again? >> you have to wonder. i point you back to november the conditions haven't changed all that much in two months. i would imagine that those exact numbers were the same on election day, and the american people not only re-elected the president but gave us the same senate in the house as we had before. so as much as they are saying economy isn't going well, when they had an opportunity to change things they voted for more of the same. >> heather: you mentioned congress, finally two polls dealing with that. first since president obama was re-elected, 30% think he has been more bipartisan in working with congressional republicans, 55% the majority says he has been more confrontational? >> i think some of the number for confrontational they are saying that as a positive. certainly democrats want him to be more confro
the revival of the japanese economy and prosper together with asean nations. >> the president said cooperation between china and japan is important regionally and globally. the leaders agree to promote political and security dialogue and strengthen ties. he looks for abe's experience. >>> abe has been juggling a number of priorities since his party took power last month. and he became prime minister for a second time. nhk world has more on the issue his administration is trying to tackle. >> reporter: abe has done this job before. now he's getting a refresher course in diplomacy. he went on this tour to sound out leaders who share his concerns about china. he says chinese ships are becoming increasingly assertive. but abe is also keeping an eye on what's going on back home. he has promised to pull japan out of deflation and revitalize the economy. and he wants to reinforce ties with countries considered to be engines of growth. abe had hoped to make washington his first foreign visit. but u.s. officials couldn't find time because of president obama's inauguration. still, abe wants to visit as
the debt ceiling or put the u.s. economy st. at risk. it's tuesday, january 15th, 2013 and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. we've been watching the u.s. equity futures and at least at this point you can see they do look like they're indicated to open a little lower. right now, dow futures down by about 16 points below fair value. the s&p futures are about 2 points below fair value. we have some different nebs going on at the top of the screen than we do on that fair value board. we'll check on that, as well. >>> dell is said to be in talks with private companies in reports of a possible guyout. the journal says jpmorgan is involved in the negotiations. dell shares have been soaring near an eight-month high on first word of this news yesterday. you can see up about close to 2% to the premarket sales. 64 is the last dip. in other technology news, facebook is holing a press conference today. no word on what the big announcement will be. you've heard a lot of analy
that is indeed worrisome. however, we are seeing some pretty good signs in the economy right now, so we're hopefully optimistic that they'll continue. and last thing anybody who's bet against america has proved it's a losing bet in the past. we're very bullish on this country. >> steve, thanks so much for your time. thank you for joining us first on cnbc. >> thank you. >>> interesting debate. meantime, goldman sachs making waves with the bonus pay joits. we'll get that in a moment. after the break, david faber's exclusive with mel karmazin. he's here to give us his very first interview since stepping down as the ceo of sirius xm. we're back in a couple of minutes. mine was earned in djibouti, africa, 2004. the battle of bataan, 1942. [ all ] fort benning, georgia, in 1999. [ male announcer ] usaa auto insurance is often handed down from generation to generation because it offers a superior level of protection and because usaa's commitment to serve the military, veterans, and their families is without equal. begin your legacy. get an auto-insurance quote. usaa. we know what it means to s
can that continue? >> slightly lower, down at 180. people think it will be bad for the economy. risk assets and things like equities did to get sold. the quality still is the u.s. treasury, the u.s. government. rates fall. that is one side of it. the big question is, where is elsewhere? that will be the big question. i think just a matter of time if we do get to this point, deficits are so large, at some point you'll have to pay the price at higher borrowing costs. at some point, that will be the ultimate outcome. dagen: for does that mean? you manage municipal bonds if the democrats have their way in raising taxes even more, that is good for muni bonds? >> the day after the election, we had a tremendous rally. the perception was taxes may go off. we have to deal right new year's eve. i talked to more people of the last few days who opened that first paycheck and their reaction was, boy, that tax fight was pretty big. that is the fact in front of us. i think it is likely that president obama will, as he has in the past, copy the value of deductions. i think it will be difficult to ul
. billions in the economy. at chevron, if we can't do it right, we won't do it at all. we've got to think long term. we've got to think long term. ♪ ♪ >> one event that attracted a big crowd today in prince george's county. the pop-up art showed case was held at national harbor. our own cynne simpson was was on hand to host the event. several hundred people enjoyed works of arts and good food. it was free. ♪ ♪ aww man. [ male announcer ] returns are easy with free pickup from the u.s. postal service. we'll even drop off boxes if you need them. visit usps.com pay, print and have it picked up for free. any time of year. ♪ ♪ nice sweater. thank you. ♪ ♪ i got it when we could download an hd movie in like two minutes. [ male announcer ] once you've got verizon fios internet, you get it -- the difference 100% fiber optics makes. but don't take our r word for it -- ask a real fios customer. ask me why fiber optics matrs. ask me about the upload speeds -- they're sick! [ male announcerer ] so go online and send a tweet to
in exchange for not crashing the american economy. the financial well-being of the american people is not leveraged to be used. >> he's talking about bipartisan, but you would agree that he's also playing politics here or no? >> i'm not going to second-guess what the president, his motives and everything. i can tell you, there's a lot of democrats who believe we need to cut spending also. and we need to get our house financially in order. with that, we're hoping it happens sooner than later. i've always been for the bowles/simpson approach, which was a big fix, so we don't go through these crises every two or three months. it's ridiculous. we've kicked the can so much, there's nothing left. we've got to come to grips and sit down and work through this. it's taken longer than needed. that's why congress -- it's really broken in washington. it's really what no labels and why jon and i are here. we're looking for solutions and a venue that we can sit down and work out our differences. and this is the one i think works well. >> jon huntsman, we're already hearing this discussion about
are and as much as we can tell about the economy and financial sector, we will be obsessed with jamie dimon, if he didn't get as much of a bonus as normal because his pristine reputation because of the wale slipping -- thing we can find as members of the media. >> $6 million trade on a balance sheet of -- >> i don't know how much they made in spite of that. a lot. >>> speaking of the bank, another -- >> look who's here! >> and dressed normally, too. >> can we get the man a chair? he can't sit -- ♪ >> we thought you were trying on different zweaters. on a day like this, what is the right look for a young, happening, dashing -- >> what -- what -- >> you have time. don't do this to viewers. it's not that important. did you not get make-up? >> no. he didn't. >> look at -- this is natural beauty. >> you didn't shave -- you really think you need to be here that much that you can't get make-up? >> absolutely. >> taking one for the team. >> all right. >> speaking of this -- stay on us, please. morgan stanley will take -- you can get powder or something if you want. just headlines -- >> the women didn't
their fair share of taxes, but-- watching the drama with our economy in the middle and debating because the policy, is that your money don't miss cavuto tonight at 8. >> at 8:30 eastern time, a lot of numbers from the government. and mostly they do not affect the market and that's the case in point today. the consumer price index, no change in the month of december. over the past year, the consumer price index has gone up 1.7%, you can safely say no real inflation measured by the government at the consumer level. no impact on the market either. all right, the trading has started and the dow industrials% the opening trend is mixed. you can't say there's an opening trend one way or the other, but bear in mind the dow is at 13,500. that's a pretty high level. that will be 700 points away from the all-time high for the dow. first off though, let's check boeing. a the lot of you probably own the stock, maybe in a mutual fund, so, nicole, with all the problems for the dreamliner overnight, where-- look at that. >> look at that, it's down dramatically, almost 4 1/2%, now you're talking about
and diversified our economy. we decided we would be business friendly. we also did not have subprime mortgage. we did not have housing fall. foreclosures never really got serious. we kept people in their homes and kept them working. connell: we hope you enjoy the rest of your stay. dagen: we are glad the texans lost. [ laughter ] we are from the northeast. i am just kidding. thank you so much. near record low water levels in lake michigan causing cargo ships and barges to liken their loads. connell: let's go to steve now on how it can impact your wallet. >> because we have had such low water levels, it will impact your wallet. it has been dry in the region. we have had light rains in the summertime in that has produced lower water levels in all of the great lakes. if you are wondering just how low it is, we have a graphic to show you. between 87 and 97, the water drop a foot. between 94 another foot lower. it is at historic low water levels in lake michigan. cargo companies will have to carry less. >> you cannot strike bottom. you have to maintain a safe distance. when the water levels go down, w
job creation and the american economy. today we will hear from s.e.c. commissioner danny gallagher who i think is well-positioned to lay out an agenda for this in the next year. we hope this is an agenda that can attract strong bipartisan support. mr. gallagher brings a unique combination of backgrounds. he started as general counsel for a financial services firm. then joined the staff of commissioner paul atkins and worked for commissioner, worked for the -- at the f.c.c. as deputy director and then acting director in one of the largest divisions. he's been on the senior professional staff, then was in private practice and about 14 months ago was confirmed by the u.s. senate as securities and exchange commission commissioner. i think everybody who who knows him will know several things about him. he is smart, he understands the complex issues. second, he is -- he has an ability to see another person's perspective and find consensus and make forward progress on issues and understands that you can achieve consensus while still remaining true to principle and finally that he is a great p
from dipping into those plans, right? and however, you have a current economy with sluggish gdp growth, languishing employment market that just continues. so now people are going, i think that the "washington post" did a study that one in four people now have tapped into their retirement 401(k) plans in order to pay like you said, everyday expenses. one of the things to think about is, and i know arthel, this isn't the greatest thing, but maybe a second part-time job. maybe one thing rather than tapping into that, you can earn extra income if you have the ability to do that. another way to do this potentially is if you have a strong credit score and you have some equity in your home, you could take out a home equity line of credit and write off the interest payments. interest rates are very low at this current time. so you can take advantage of the fact that they are low when borrowing against your home, if you have equity in your home. it's a potential way to do this. arthel, it just goes to show you here, as this job market continues to struggle and unemployment rate remains high, th
economy may not need to be so dull and bleak after all. cnbc jackie deangeles joins us. >>> the markets are lower on wall street. the dow is down just about nine points at the moment. meantime, tim geithner says americans are too dark about the economy right now. the treasury secretary says the economy is in the final quarter of recovery from the financial crisis. geithner tells the "wall street journal" the u.s. was well ahead of other countries in balancing debt to income and cutting leverage in the financial system. >>> and here's another reason to be a little optimistic today. mortgage rates are falling back toward record rows. freddie mac says the average rate on a 30-year fixed loan dipped to 3.38% from 3.4% last week. the 30-year average of 3.6% in 2012 was the lowest annual average in 65 years! cheaper mortgages, of course, where a major reason the housing market has been bouncing back and why many economists believe the recovery will strengthen this year. >>> and finally, sony's selling its u.s. headquarters at 550 madison avenue for $1.1 billion. the building was constructed i
, but the economy continues to drag its feet, so they invest in houses and flats in germany's capital, berlin, where there are still objects available in top locations and for a relatively low price. high rents are now forcing berliners on low incomes to move to cheaper areas outside the city. rising rents are a problem people in paris and london have been familiar with for decades. in the british capital, you easily pay 600 and for an average flat per week. londoners traditionally spend more than 3/4 of their monthly income on rent, but there is an increasing number of people who have had to look elsewhere. >> britain, like the rest of europe, is in the grips of recession, but there are hardly any traces of it in london. real-estate prices in the city center have shot up by 30% this year, and building continues. a penthouse in london's west end can easily fetch nearly 50 million euros. buyers include russians, chinese, arabs, and those fleeing europe. those who work in london usually live about an hour and a half outside the city. for many who cannot find work, their only refuge is the streets. ar
. >> we must not permit and artificial debt ceiling to throw the country into default and our economy into chaos and depression, which is exactly what the republicans are threatening to do. jon: some conservative groups warn that removing the limit is a recipe for economic disaster, as we're seeing now in greece. the leaders of heritage action family research council and club for growth writing in an op ed they want congress to balance the budget within ten years and keep it balanced. quote, no american should have to tell an eight-year-old child that we cannot get our nation's house in order by the time she goes to college. there are many ways to get to a d republicans haved both an obligation to explain what path they will choose. jonah goldberg is editor at large for national review online, he's also a fox news contributor. get rid of the debt ceiling all together? jonah, what do you think about that idea? >> well i don't think it's a disaster if we got rid of the debt ceiling but i'm not in favor of getting rid of the debt ceiling. most countries don't have a debt ceiling. you sti
spend the gold to kickstart the european economy, but the government has strongly ruled out that idea. al jazeera, berlin. >> thailand's navy has increased patrols to try to stem the flow of refugees from myanmar. more of them are entering thailand legally to try to escape harsh conditions and ethnic violence. this report from southern thailand. >> tired and confused, they arrived on foreign soil. 88 refugees spending more than 10 days at sea after leaving western myanmar. they said they had no choice but to leave. >> the soldiers would take women and daughters and rape them and then turned them back the next day. we had no freedom. we could not go anywhere. we had to make our own future. >> myanmar is predominantly buddhist, and the muslim minority are largely seen as illegal immigrants from neighboring bangladesh. after fighting between bouterse and muslims last year, more than 100,000 left homeless. this was all happening at a sensitive time for thailand. it has been ranked as a tier 2 nation on the watch list for human trafficking. if it is ranked again this year, it will drop to
for february. >> all right, some business news now, and the chinese economy has beaten expectations for the final quarter of 2012 after nearly two years of relatively tepid performance by the world's second-largest economic power. gross domestic product rose by 7.9% and 7.8% for the year as a whole. analysts say the outlook for china may be improving. chinese exports have continued to fall, but retail sales and industrial production have started to pick up. and germany's second biggest lender, commerzbank, could cut up to 6000 jobs according to a report. while there have been months of speculation over possible cuts, this latest story suggests 1910 positions in germany could go. the bank is not commenting. negotiations with employee representatives are due to begin soon. the german government holds a 25% stake in the bank. it had to be bailed out three years ago. all right, time now for a wrapup of friday's trading action. at the frankfurt stock exchange, here is our reporter. >> early in the morning, the positive growth figures coming from china went down pretty well here on the fr
, strengthening our economy, good education, but of course in the campaign a little part of it is about my scottish and this. we have the slogan, i am a mac. that is a campaign on the internet where people say we want david mcalister tuesday prime minister of lower saxony because we're doing a successful job. >> mcalister and his union are expected to get the biggest proportion of the vote, but they need the government as coalition partners, and their current partners, the free democrats, not that the 5% of the votes needed to have a seat in parliament, meeting the coalition government of the future may be headed by the opposition. that is a predicament faced by the german chancellor angela merkel. why she cares so much about this race. she made seven campaign appearances with mcalister. what happened in lower saxony is said to be a dress rehearsal for the general election in september because the free democrats are doing dismally on the national stage. voters here care about regional issues first and foremost. >> social issues are important. we have families with nurseries, infrastructure
of that. we've got to get back to number one priority of creating jobs and getting this economy turned around. >> the dundee bait given the timing of the newtown shooting has become a big part of what the president wants to accomplish in this term. how devisive do you think it's going to be? >> i hope it's not divisive at all. the idea that we lost 20 precious children hopefully we hear this week from the gun control task force that the democrats have put forth from the wide range of gun rights and supporters and gun control advocates. i think we need to come together as a country as president obama said and say enough. >> thank you so much for being with us this morning. >> thank you very much. >>> president obama said recently that he likes a good party as much as anyone and he's about to get his chance. after the inauguration ceremonies, washington turns into party town. inaugural parties are paid for with the private donations, and big donors expect some presidential face time and possibly some favors in return. and there's no limit on how much they can g
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